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A state that has so far been famous for its beaches and weather is now becoming infamous for its bank foreclosures. Yes! Florida seems to be in the doldrums with some of the highest foreclosure rates recorded in the country in 2007. According to a report, in August 2007, mortgage lenders in Tampa filed lawsuits to enable foreclosure on 860 Florida properties that were spread across Hillsborough County, Pinellas County, and Pasco County. This has caused an increase in the foreclosure rate by 44% as compared to the rate in August 2005.
Foreclosure homes have become hot property for many investors but it is has stung the homeowners in the state very badly. The rate of Tampa foreclosure homes kept on growing at a record pace through the entire 2007 and is expected to grow in 2008. Hillsborough County recorded some sharp increases in the 3rd quarter of 2007. Homeowners in Florida feel that with the ballooning rate of interest and choice of loans they will not be able to protect themselves from Tampa bank foreclosures and this is a concerning situation.
Hillsborough County recorded 550 foreclosures in 2007 and this includes both homes as well as offices. The number also proves that there has been an increase of at least 80% as compared to 2006 and it is 5 times more than the rate of foreclosed homes in 2005. This data was provided by the Hillsborough County Register of Deeds and it further makes the situation worse in the event of increasing number of Florida bank foreclosures.
The rate of foreclosure in the Hillsborough County in 2007 was one per 1,405 homes and this is not all. There has also been an increase in the number of lawsuits filed by lenders, which was 46% in Hillsborough County and 48% in Pinellas County in 2007. All this has added to the total number of Florida foreclosure homes.
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